东北证券指出，光模块行业景气度持续攀升，明年需求可见度较高，订单指引持续上修，供不应求 将成为行业常态。上游物料是影响光模块厂商交付能力的核心因素，需重视EML光芯片、CW光源、硅 光芯片、无源光器件等上游核心环节的投资机遇。硅光技术优势显著，正持续夺取EML市场份额，尤 其在1.6T速率下表现突出。行业头部企业正积极扩充产能，Tower半导体计划加码硅光子和硅锗业务， 目标2025年硅光子收入超过2.2亿美元。光模块与光芯片业务正从技术突破迈向规模放量阶段，未来将 通过深度协同与创新适应市场变化。 通信ETF（515880）跟踪的是通信设备指数（931160），该指数聚焦于通信设备制造及相关服务领 域，从市场中选取涉及通信网络基础设施、终端设备生产等业务的上市公司证券作为指数样本。指数成 分股通常具备较高的技术含量和研发投入，能够综合反映通信设备行业的整体表现和发展趋势。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需 ...

Core Insights - Silicon photonics technology is rapidly reshaping the global information industry landscape, becoming a core development direction in optoelectronic technology due to its high integration, low cost, and large-scale manufacturing advantages [2] - The surge in procurement of 800G/1.6T optical modules by North American cloud giants is driving the demand for silicon photonics and Co-Packaged Optics (CPO) technology, which can significantly reduce power consumption by 30%-40% [2] - A conference on CPO and silicon photonics integration will be held on December 11-12 in Wuxi, Jiangsu, focusing on collaborative innovation in the industry-academia-research ecosystem [2] Conference Overview - The conference will feature discussions on key topics such as silicon chip design optimization, breakthroughs in CPO packaging yield, innovations in liquid cooling management, and the evolution of OIO technology [2] - Various companies will present their insights, including market forecasts for the CPO market from 2025 to 2030, and advancements in optical interconnect technologies for AI and quantum computing [5][6] Participating Companies and Topics - Notable participants include LightCounting, NVIDIA, Cisco, and TSMC, discussing topics ranging from CPO market analysis to high-speed optical signal transmission technologies [5][6] - Roundtable discussions will address challenges and opportunities in the CPO ecosystem, including overcoming memory wall limitations and exploring CPO applications in 6G networks [8][10] Event Format - The event will utilize a combination of keynote speeches, technical demonstrations, roundtable forums, and closed-door seminars to facilitate in-depth discussions on technological trends, market challenges, and innovative applications in the CPO and silicon photonics sectors [14]

国盛证券指出，Coherent公布最新财季财报，多项核心指标超出市场预期，光通信龙头企业强劲表现反 映了AI数据中心、数据中心互连对光学组件需求的增长，将从AI计算基础设施的持续扩张中受益。该 行指出，硅光技术核心价值在于芯片设计与晶圆制造，这使产业范式从"封装主导"转向"芯片设计主 导"。传统方案EML芯片短缺，硅光凭借高集成度、低损耗等性能优势，以及产能弹性和成本优势，市 场份额逐步提升。而前瞻布局、芯片设计能力优秀的光通信龙头企业将持续扩大优势，充分受益于算力 高景气。 消息面上，近日，剑桥科技在投资者互动平台表示，在硅光芯片领域，公司与3家供应商合作并通过保 供协议或投资保障供应，800G及以上光模块以硅光技术为主，已做关键物料储备，在硅光技术路线上 持续深耕，同步推进CPO集成硅光引擎、大功率激光技术CPO器件的研发与送样准备。剑桥科技此前披 露三季报时指出，公司业绩实现高质量增长，核心驱动力来自高速光模块与电信宽带接入两大主营业 务。 智通财经APP获悉，剑桥国际(06166)涨超4%，截至发稿，涨4.23%，报83.8港元，成交额8009.26万港 元。 ...

国盛证券（002670）指出，Coherent公布最新财季财报，多项核心指标超出市场预期，光通信龙头企业 强劲表现反映了AI数据中心、数据中心互连对光学组件需求的增长，将从AI计算基础设施的持续扩张 中受益。该行指出，硅光技术核心价值在于芯片设计与晶圆制造，这使产业范式从"封装主导"转向"芯 片设计主导"。传统方案EML芯片短缺，硅光凭借高集成度、低损耗等性能优势，以及产能弹性和成本 优势，市场份额逐步提升。而前瞻布局、芯片设计能力优秀的光通信龙头企业将持续扩大优势，充分受 益于算力高景气。 剑桥国际(06166)涨超4%，截至发稿，涨4.23%，报83.8港元，成交额8009.26万港元。 消息面上，近日，剑桥科技（603083）在投资者互动平台表示，在硅光芯片领域，公司与3家供应商合 作并通过保供协议或投资保障供应，800G及以上光模块以硅光技术为主，已做关键物料储备，在硅光 技术路线上持续深耕，同步推进CPO集成硅光引擎、大功率激光技术CPO器件的研发与送样准备。剑桥 科技此前披露三季报时指出，公司业绩实现高质量增长，核心驱动力来自高速光模块与电信宽带接入两 大主营业务。 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **optical module supply chain** and its challenges, particularly focusing on the **AI-related market** and its implications for the **semiconductor industry** [1][2][3]. Key Points and Arguments Optical Module Supply Chain - The supply chain for optical modules is currently facing significant **supply shortages**, particularly in the transition from **800G to 1.6T** products. The upstream supply of **100G and 200G EML optical chips** remains scarce, leading to a highly tense supply situation [1][3]. - The introduction of **silicon photonics** technology is creating new bottlenecks, shifting the focus from traditional optical chips to silicon-based designs, which is expected to enhance the **return on equity (ROE)** for companies like **Xuchuang** [1][6]. Pricing Dynamics - Prices for optical modules are stable among major clients due to long-term contracts, while retail prices are significantly higher, with some products priced at **twice the quoted price** from leading companies [1][4]. ROE Trends - Concerns about peak profit margins in manufacturing are addressed, emphasizing that the current AI investment cycle is global and substantial. The **ROE** is expected to rise due to supply-demand tightness and advancements in silicon photonics technology [1][5]. Demand for Computing Power - The demand for computing power remains robust, with prices for **H100 and A100** GPUs increasing. Even older models are maintaining high rental rates, indicating a strong market demand that differs from the **dot-com bubble** era [1][7]. Market Sentiment on GPU Depreciation - Market concerns regarding GPU depreciation and pricing trends are considered somewhat exaggerated. Many data centers continue to utilize older GPU models effectively, demonstrating sustained demand driven by increased usage and model capabilities [1][8]. Investment Insights - **Warren Buffett's investment** in Alphabet, amounting to approximately **$4.2 billion**, signifies a shift in investment philosophy under the new CEO of Berkshire Hathaway. This investment reflects confidence in AI and its related sectors, potentially influencing other companies like **Meta** to enhance their AI capabilities [1][9][11]. Future Outlook for the Computing Sector - The computing sector is recommended for continued focus, with high levels of valuation and certainty. Positive signals from the supply chain suggest a favorable trend, especially as the end of the year approaches [1][12]. Company-Specific Developments - **Smiq's** third-quarter report shows improved operational metrics, including higher gross margins and increased profits attributable to minority shareholders, indicating a solid foundation for domestic computing chip expansion [1][13]. - **Tencent's** capital expenditures remain stable, with potential for growth in cloud services if supply constraints are alleviated. Other major domestic tech companies are also expected to benefit from local computing expansion [1][14]. Huawei's New System - Huawei's upcoming system aims to significantly enhance the utilization rates of **GPUs and NPUs** from **30% to 70%**, although challenges remain in optimizing performance across different scenarios [1][15]. Domestic Computing Market Outlook - The domestic computing market is poised for growth, driven by AI developments and significant investments. The computing sector is expected to be the area with the highest certainty and growth potential in the coming year [1][16].

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][44]. Core Insights - The communication industry is experiencing strong growth driven by advancements in AI infrastructure and silicon photonics, with companies like Tower and AMD showing significant revenue growth projections [1][15][21]. - Tower Semiconductor's Q3 2025 revenue reached $396 million, a 7% year-over-year increase, with expectations for Q4 revenue to be $440 million, driven by a 70% increase in silicon photonics revenue [11][1]. - AMD projects a compound annual growth rate (CAGR) of over 35% for overall revenue and over 60% for its data center business over the next 3-5 years, highlighting the growing demand for AI-related infrastructure [15][21]. - Cisco reported an 8% year-over-year revenue increase in Q1 FY2026, primarily due to strong AI infrastructure orders, with expectations for AI-related revenue to exceed $3 billion in FY2026 [21][22]. Summary by Sections Industry News Tracking - North American optical module and chip companies are expected to see significant growth, with Tower planning to triple its silicon photonics capacity [1][11]. - Baidu's World Conference 2025 unveiled a roadmap for computing infrastructure upgrades and the launch of the Wenxin large model 5.0, showcasing advancements in AI capabilities [26][27]. - The successful launch of 13 low-orbit satellites marks a significant step in accelerating satellite internet development [28]. Market Performance Review - The communication index fell by 4.77% this week, underperforming the Shanghai and Shenzhen 300 index, which decreased by 1.08% [3][36]. - Within the sector, IoT controllers, operators, and satellite internet showed relatively better performance [3][39]. Investment Recommendations - Continued focus on AI computing infrastructure development is advised, with recommendations to consider companies involved in optical devices, communication equipment, and liquid cooling solutions [44]. - The three major telecom operators are highlighted as important assets for long-term investment due to their stable operations and increasing dividend payouts [44]. Key Company Earnings Forecasts and Investment Ratings - Key companies such as China Mobile, Zhongji Xuchuang, and ZTE are rated as "Outperform" with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [5][43].

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][44]. Core Insights - The communication industry is experiencing strong growth driven by advancements in AI infrastructure and silicon photonics, with companies like Tower and AMD showing significant revenue growth projections [1][15][21]. - The report highlights the robust performance of North American optical module and chip companies, indicating a sustained high demand for computing power [11][21]. - Cisco's strong Q1 FY2026 results, driven by AI infrastructure orders, reflect the increasing importance of AI in the industry [21][22]. Summary by Sections Industry News Tracking - Tower Semiconductor reported a Q3 2025 revenue of $396 million, a 7% year-over-year increase, with a projected Q4 revenue of $440 million, driven by a 70% increase in silicon photonics revenue [1][11]. - AMD aims for a revenue CAGR of over 35% in the next 3-5 years, with its data center business expected to grow at over 60% CAGR [15][18]. - Cisco's Q1 FY2026 revenue reached $14.9 billion, an 8% year-over-year increase, with AI infrastructure orders hitting $1.3 billion [21][22]. Market Performance Review - The communication sector index fell by 4.77% this week, underperforming the broader market [3][36]. - The report notes that IoT controllers, operators, and satellite internet sectors performed relatively well despite the overall decline [3][39]. Investment Recommendations - The report suggests focusing on AI computing infrastructure development, recommending companies like China Mobile, Zhongji Xuchuang, and ZTE for long-term investment [4][44]. - It emphasizes the importance of the three major telecom operators as stable dividend-paying assets [4][44].

Core Insights - The article discusses the growing demand for AI computing power and the continuous upgrade of optical communication networks, highlighting silicon photonics technology as a mainstream solution for 1.6T high-speed optical modules. The global silicon photonics semiconductor market is projected to reach $7.86 billion by 2030, with a compound annual growth rate (CAGR) of 25.7% [2][3]. Group 1: Industry Trends - Silicon photonic chips, which are essential components of optical modules, consist of four key elements: light sources, waveguides, modulators, and detectors. Their high integration, low cost, and high transmission bandwidth make them favored in core applications such as 5G communication, AI data centers, and autonomous driving [2][3]. - Major chip manufacturers like Intel and NVIDIA are actively investing in silicon photonics technology, driving technological breakthroughs and practical applications [2][3]. Group 2: Technical Challenges - The performance of silicon photonic devices is highly sensitive to manufacturing precision. Any minor processing errors can severely degrade device performance, necessitating targeted optimization of silicon photonics manufacturing processes to enhance signal transmission quality and device reliability [3]. Group 3: Upcoming Events - TrendBank plans to host the "Frontier Forum on Heterogeneous Integration" on November 18-19, 2025, in Ningbo, focusing on advanced packaging and heterogeneous integration technologies [3][30]. - The forum will feature discussions on optical chip technology, with confirmed speakers from leading companies and research institutions [4][30].

Core Viewpoint - Cambridge Technology (603083.SH) is actively engaged in the silicon photonics chip sector, focusing on partnerships and supply agreements to ensure material availability for its products [1] Group 1: Company Developments - The company collaborates with three suppliers to secure supply through agreements or investments [1] - It has made key material reserves for optical modules of 800G and above, primarily using silicon photonics technology [1] - The company is committed to deepening its efforts in silicon photonics technology while simultaneously advancing the research and sample preparation of CPO integrated silicon photonic engines and high-power laser technology CPO devices [1]

Core Viewpoint - Cambridge Technology (603083.SH) is actively collaborating with three suppliers in the silicon photonics chip sector, ensuring supply through agreements and investments, while focusing on the development of key materials and technologies for high-capacity optical modules [1] Group 1: Collaboration and Supply Assurance - The company is working with three suppliers to secure the supply of silicon photonics chips [1] - Supply assurance is being achieved through supply agreements and investments [1] Group 2: Technology Development - The focus is on 800G and above optical modules primarily utilizing silicon photonics technology [1] - The company is making key material reserves and continuously deepening its efforts in silicon photonics technology [1] - Development and sample preparation for CPO integrated silicon photonics engines and high-power laser technology CPO devices are being advanced [1]